Diversified Healthcare Trust (Nasdaq: DHC) today provided an
update regarding the recent performance of its Senior Housing
Operating Portfolio, or SHOP, segment.
Monthly Unaudited Results in DHC’s
Total SHOP Comparable Properties:
- August 2023 occupancy was 79.3%, 720 basis points below August
2019, and 30 basis points above July 2023.
- August 2023 Resident Fees and Services revenue was $94.8
million, $7.8 million, or 7.6%, below August 2019, and $0.8
million, or 0.8%, above July 2023.
- August 2023 net operating income, or NOI, was $5.3 million,
$10.5 million, or 66.5%, below August 2019, and $0.6 million, or
10.4%, below July 2023.
- August 2023 NOI margin was 5.6%, 980 basis points below August
2019, and 70 basis points below July 2023.
Year to Date Unaudited Results in DHC’s
Total SHOP Comparable Properties:
- Year to date occupancy through August 31, 2023, was 78.1%, 840
basis points below the same period in 2019.
- Year to date Resident Fees and Services revenue through August
31, 2023, was $737.8 million, $82.2 million, or 10.0%, below the
same period in 2019.
- Year to date NOI through August 31, 2023, was $50.3 million,
$93.5 million, or 65.0%, below the same period in 2019.
- Year to date NOI margin through August 31, 2023, was 6.8%,
1,070 basis points below the same period in 2019.
Diversified Healthcare Trust(1) (dollars in thousands,
except average monthly rate)
2023
COMPARABLE (2)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
YTD
ALR/Five Star Managed
Communities
Number of Properties
117
117
117
117
117
117
117
117
117
Number of Units
16,995
16,995
16,995
16,995
16,995
16,995
16,995
16,995
16,995
Occupancy
78.0%
77.9%
78.5%
78.7%
78.8%
79.3%
79.5%
79.9%
78.8%
Average Monthly Rate
$ 4,278
$ 4,907
$ 4,384
$ 4,541
$ 4,417
$ 4,549
$ 4,405
$ 4,411
$ 4,480
Residents Fees and Services
$58,695
$60,666
$60,434
$60,769
$61,178
$61,309
$61,524
$61,831
$486,406
Property Operating Expenses
(52,606)
(51,786)
(54,777)
(50,892)
(54,500)
(54,324)
(55,532)
(55,526)
(429,943)
NOI (3)
$ 6,089
$ 8,880
$ 5,657
$ 9,877
$ 6,678
$ 6,985
$ 5,992
$ 6,305
$ 56,463
NOI Margin
10.4%
14.6%
9.4%
16.3%
10.9%
11.4%
9.7%
10.2%
11.6%
Other Operator Managed
Communities
Number of Properties
106
106
106
106
106
106
106
106
106
Number of Units
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
Occupancy
74.2%
75.9%
76.2%
76.6%
76.3%
77.2%
77.6%
77.8%
76.5%
Average Monthly Rate
$ 5,665
$ 5,944
$ 5,662
$ 5,668
$ 5,566
$ 5,749
$ 5,675
$ 5,723
$ 5,704
Residents Fees and Services
$30,788
$29,808
$31,504
$30,938
$31,303
$31,664
$32,461
$32,933
$251,399
Property Operating Expenses
(33,025)
(30,118)
(32,590)
(31,725)
(32,096)
(31,472)
(32,549)
(33,946)
(257,521)
NOI (3)
$ (2,237)
$ (310)
$ (1,086)
$ (787)
$ (793)
$ 192
$ (88)
$ (1,013)
$ (6,122)
NOI Margin
(7.3)%
(1.0)%
(3.4)%
(2.5)%
(2.5)%
0.6%
(0.3)%
(3.1)%
(2.4)%
Total SHOP Comparable
Number of Properties
223
223
223
223
223
223
223
223
223
Number of Units
24,125
24,125
24,125
24,125
24,125
24,125
24,125
24,125
24,125
Occupancy
76.9%
77.3%
77.8%
78.1%
78.1%
78.7%
79.0%
79.3%
78.1%
Average Monthly Rate
$ 4,671
$ 5,206
$ 4,751
$ 4,868
$ 4,749
$ 4,897
$ 4,774
$ 4,793
$ 4,833
Residents Fees and Services
$89,483
$90,474
$91,938
$91,707
$92,481
$92,973
$93,985
$94,764
$737,805
Property Operating Expenses
(85,631)
(81,904)
(87,367)
(82,617)
(86,596)
(85,796)
(88,081)
(89,472)
(687,464)
NOI (3)
$ 3,852
$ 8,570
$ 4,571
$ 9,090
$ 5,885
$ 7,177
$ 5,904
$ 5,292
$ 50,341
NOI Margin
4.3%
9.5%
5.0%
9.9%
6.4%
7.7%
6.3%
5.6%
6.8%
2019 Pro Forma (4)
COMPARABLE (2)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
YTD
ALR/Five Star Managed
Communities
Number of Properties
117
117
117
117
117
117
117
117
117
Number of Units
16,995
16,995
16,995
16,995
16,995
16,995
16,995
16,995
16,995
Occupancy
88.0%
88.0%
88.0%
88.0%
87.9%
88.0%
87.9%
87.9%
87.9%
Average Monthly Rate
$ 4,709
$ 5,099
$ 4,723
$ 4,833
$ 4,703
$ 4,834
$ 4,695
$ 4,695
$ 4,782
Residents Fees and Services
$ 72,761
$ 71,079
$ 72,954
$ 72,277
$ 72,562
$ 72,250
$ 72,451
$ 72,447
$578,781
Property Operating Expenses
(57,168)
(53,411)
(59,496)
(56,989)
(58,708)
(56,515)
(60,161)
(59,247)
(461,695)
NOI (3)
$ 15,593
$ 17,668
$ 13,458
$ 15,288
$ 13,854
$ 15,735
$ 12,290
$ 13,200
$117,086
NOI Margin
21.4%
24.9%
18.4%
21.2%
19.1%
21.8%
17.0%
18.2%
20.2%
Other Operator Managed
Communities
Number of Properties
106
106
106
106
106
106
106
106
106
Number of Units
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
Occupancy
82.5%
82.6%
82.6%
82.6%
82.5%
82.6%
82.7%
82.6%
82.6%
Average Monthly Rate
$ 5,889
$ 6,344
$ 5,929
$ 6,041
$ 5,896
$ 6,011
$ 5,889
$ 5,855
$ 5,977
Residents Fees and Services
$ 30,304
$ 29,501
$ 30,539
$ 30,100
$ 30,336
$ 29,956
$ 30,355
$ 30,158
$241,249
Property Operating Expenses
(26,798)
(24,627)
(27,785)
(26,329)
(27,284)
(26,260)
(27,853)
(27,539)
(214,475)
NOI (3)
$ 3,506
$ 4,874
$ 2,754
$ 3,771
$ 3,052
$ 3,696
$ 2,502
$ 2,619
$ 26,774
NOI Margin
11.6%
16.5%
9.0%
12.5%
10.1%
12.3%
8.2%
8.7%
11.1%
Total SHOP Comparable
Number of Properties
223
223
223
223
223
223
223
223
223
Number of Units
24,125
24,125
24,125
24,125
24,125
24,125
24,125
24,125
24,125
Occupancy
86.6%
86.6%
86.6%
86.6%
86.5%
86.5%
86.5%
86.5%
86.5%
Average Monthly Rate
$ 5,004
$ 5,410
$ 5,024
$ 5,135
$ 5,001
$ 5,128
$ 4,994
$ 4,985
$ 5,081
Residents Fees and Services
$103,065
$100,580
$103,493
$102,377
$102,898
$102,206
$102,806
$102,605
$820,030
Property Operating Expenses
(83,966)
(78,038)
(87,281)
(83,318)
(85,992)
(82,775)
(88,014)
(86,786)
(676,170)
NOI (3)
$ 19,099
$ 22,542
$ 16,212
$ 19,059
$ 16,906
$ 19,431
$ 14,792
$ 15,819
$143,860
NOI Margin
18.5%
22.4%
15.7%
18.6%
16.4%
19.0%
14.4%
15.4%
17.5%
(1) The information regarding DHC’s SHOP segment results for
July and August 2023 and year to date 2023, and on a pro forma
basis for the 2019 periods indicated, reflects preliminary
estimates with respect to certain results of DHC for such periods,
based on currently available information. Because the quarterly
financial close process and review for those periods is not yet
complete, DHC’s final results upon completion of its quarterly
close process and review may vary from these preliminary
estimates.
(2) Comparable properties consist of properties owned and in
service continuously since January 1, 2019; excludes properties
classified as held for sale, closed or out of service and
communities previously leased to operators that did not provide
monthly financial results.
(3) The calculation of NOI shown excludes certain
components of net income (loss) in order to provide results that
are more closely related to DHC's property level results of
operations. DHC defines NOI as income from its real estate less its
property operating expenses. NOI excludes amortization of
capitalized tenant improvement costs and leasing commissions that
DHC records as depreciation and amortization. DHC calculates
comparable property NOI in the same manner that it calculates the
corresponding NOI amount, except that it only includes comparable
properties in calculating comparable property NOI. DHC uses NOI and
comparable property NOI to evaluate individual and company wide
property level performance. Other real estate companies and real
estate investment trusts, or REITs, may calculate NOI and
comparable property NOI differently than DHC does.
(4) Many of the senior living communities currently operated on
DHC’s behalf in its SHOP segment were leased in 2019. DHC believes
pro forma operating results are a meaningful supplemental
performance measure as they present historical community level
operating results regardless of the form of contractual
arrangements. The table presents pro forma residents fees and
services revenue, pro forma property operating expenses and pro
forma NOI as if the communities had been managed for DHC’s account
throughout all periods presented to assist in understanding
community level operating results.
Calculation and Reconciliation of NOI
and Comparable Property NOI for SHOP Segment
(dollars in thousands)
For the Eight Months
Ended
8/31/2019
8/31/2023
Calculation of NOI:
SHOP
Restructuring
Transaction
Pro Forma
SHOP
Rental income
$
94,574
$
(94,574
)
$
-
$
-
Residents fees and services
289,083
561,729
850,812
758,599
Property operating expenses
(233,576
)
(467,866
)
(701,442
)
(706,861
)
NOI
$
150,081
$
(711
)
$
149,370
$
51,738
Reconciliation of NOI to Comparable
Property NOI:
NOI
$
150,081
$
(711
)
$
149,370
$
51,738
NOI of properties not included in
comparable results
(1,022
)
(4,488
)
(5,510
)
(1,397
)
Comparable property NOI
$
149,059
$
(5,199
)
$
143,860
$
50,341
For the Eight Months
Ended
8/31/2019
8/31/2023
SHOP
Restructuring
Transaction
Pro Forma
SHOP
Revenues:
Rental income
$
94,574
$
(94,574
)
$
-
$
-
Residents fees and services
289,083
561,729
850,812
758,599
Total revenues
383,657
467,155
850,812
758,599
Expenses:
Property operating expenses
233,576
467,866
701,442
706,861
Depreciation and amortization
88,347
-
88,347
114,965
Impairment of assets
8,323
-
8,323
3,617
Total expenses
330,246
467,866
798,112
825,443
Gain on sale of properties
15,207
-
15,207
1,233
Interest and other income
-
-
-
1,581
Interest expense
(2,117
)
-
(2,117
)
(450
)
Loss on early extinguishment of debt
(17
)
-
(17
)
-
Net income (loss)
66,484
(711
)
65,773
(64,480
)
Add (less): Interest expense
2,117
450
Interest and other income
-
(1,581
)
Depreciation and amortization
88,347
114,965
Impairment of assets
8,323
3,617
Gain on sale of properties
(15,207
)
(1,233
)
Loss on early extinguishment of debt
17
-
NOI
149,370
51,738
NOI of properties not included in
comparable results
(5,510
)
(1,397
)
Comparable property NOI
$
143,860
$
50,341
About Diversified Healthcare Trust:
DHC is a real estate investment trust focused on owning
high-quality healthcare properties located throughout the United
States. DHC seeks diversification across the health services
spectrum by care delivery and practice type, by scientific research
disciplines and by property type and location. As of June 30, 2023,
DHC’s approximately $7.1 billion portfolio included 376 properties
in 36 states and Washington, D.C., occupied by approximately 500
tenants, and totaling approximately 9 million square feet of life
science and medical office properties and more than 27,000 senior
living units. DHC is managed by The RMR Group (Nasdaq: RMR), a
leading U.S. alternative asset management company with
approximately $36 billion in assets under management as of June 30,
2023 and more than 35 years of institutional experience in buying,
selling, financing and operating commercial real estate. To learn
more about DHC, visit www.dhcreit.com.
Warning Concerning
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. Also, whenever DHC uses words such as
“believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”,
“will”, “may” and negatives or derivatives of these or similar
expressions, it is making forward-looking statements. These
forward-looking statements are based upon DHC’s present intent,
beliefs or expectations, but forward-looking statements are not
guaranteed to occur and may not occur. Actual results may differ
materially from those contained in or implied by DHC’s
forward-looking statements as a result of various factors. For
example, the information regarding DHC’s SHOP segment results
provided in this press release reflects certain preliminary
estimates based on currently available information, and DHC’s final
results upon completion of its quarterly financial close process
and review may vary from these preliminary estimates, and as a
result, the information provided herein may not provide a
meaningful measure of DHC’s SHOP segment results as expected.
The information contained in DHC's periodic reports filed with
the Securities and Exchange Commission, or the SEC, including under
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” or incorporated
therein, also identifies important factors that could cause DHC's
actual results to differ materially from those stated in or implied
by DHC's forward-looking statements. DHC's filings with the SEC are
available on the SEC's website at www.sec.gov.
You should not place undue reliance upon any forward-looking
statements. Except as required by law, DHC does not intend to
update or change any forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230924448682/en/
Melissa McCarthy, Manager, Investor Relations (617) 796-8234
Diversified Healthcare (NASDAQ:DHC)
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